Comment on page
The Decentralized Privacy-Centric Protocol for Web3
Ruby Protocol is a private data management framework for Web 3.0 that proposes and implements a privacy layer interacting with the multichain ecosystem. It is a fine-grained private data access-control gateway across different entities and organizations in the decentralized and traditional financial world.
Privacy Layer-1 Blockchain
Ruby’s modular approach to data sharing and privacy protection makes it the ideal building block for privacy-compatible smart contract Dapps, while also acting as a privacy layer for protocols and Dapps.
Zkp Cryptographic Infrastructure
Ruby utilizes Functional Encryption (FE), a leading-edge cryptographic solution that enables users to encrypt sensitive information on-chain, which can only be decrypted by holders of an approved private key.
Bridging Institutions and Cryptos
Ruby protocol is not only the next-generation privacy protocol for Web 3.0 in a multi-chain world but also ready to open a brand-new chapter for regulation-compliant decentralized financial service.
Ruby Protocol will be compatible with different blockchains, including Polkadot, Ethereum, BNB Chain, Solana, Avalanche, Polygon, etc. It is the ultimate solution to access control with privacy.
Interoperability and Composability
Built to be the privacy protocol compatible with the multichain ecosystem, Ruby collators produce block candidates that are approved by Ruby nodes and validators. Once the block is accepted by the validators it will be added to the Ruby mainnet.
Private KYC and Authentication
It focuses on performing KYC such as biometric authentication without leaking private identity information. The functional encryption will be employed to guarantee that only controlled KYC information is revealed to the entity users are trying to authenticate to. It will ensure user data and identity confidentiality while performing the KYC step.
NFT-gated or DID-gated Access
The trend shows that future access to various digital or physical experiences is likely to be gated by NFT or DID. Functional encryption serves as a natural mechanism to enforce any access-control policy defined on either NFT or DID. Combined with smart-contract-based access control, it has the power to fundamentally redefine fine-grained access as a utility for both NFT and DID.
Regulatory-Compliant Asset Ownership
Ruby’s FE smart contracts are privacy-centric and underlie the relationship between asset owners and custodians. The bug-free and algorithmically correct code can ensure the ownership of any digital asset. Its access control mechanisms can define who can own and transfer a specific asset in a regulatory compliant manner.
Auditing and Compliance
Ruby Protocol’s privacy solution embodies the built-in attributes of data programmability, traceability, and verifiability, all of which will lead to greater adoption of distributed applications in auditing automation and compliance monitoring, and it will guarantee high assurance. Ruby Protocol’s solution can serve as a fundamental tool for TradFi to transit to DeFi.
Private Payment and Asset Management
To issue private tokens, addresses, asset types, transaction amounts, and credentials can be protected from the world. Viewing keys can be customized to reveal any combination of transaction details relating to sender and recipient addresses, input and output amounts, and identity attestations.
Privacy-preserving Cloud Computing
Protecting users’ data privacy when the users upload their encrypted private data to the cloud. Through privacy-preserving machine learning and labeling based on functional encryption, the Web 2.0 cloud computing business model via selling users’ privacy will be revolutionized.
Privacy-Centric Web3 Dapps
Ruby’s FE smart contracts will serve as the foundation for privacy-centric smart contract Dapps built on the native Ruby blockchain. This will also act as a privacy layer for protocols and Web3 Dapps.
Multiple Native Crypto Use-cases
Ruby can serve as a fine-grained access control gateway for data flow in different application scenarios, including private data sharing platform between TradFi and DeFi, NFT-gated or DID-gated access control, and regulatory-compliant tokenized security issuance, etc. Its flexibility makes it applicable across multiple industries and use-cases.
Our access control policy will be well-defined so that it is attuned to the specific application scenarios. A too general access control policy might render it unusable in reality given it might reveal too little information about the users. Therefore, the stakeholders of Ruby will periodically update the policy management standard.
Attribute and Policy Revocability
Since the attribute value or attribute policy for a secret key might change with time, we should provide a mechanism to revoke the respective secret key. For instance, consider the attribute age" a user's age constantly changes as time goes by.
ZKP and Micropayment
Ruby employs the ZKP and micropayment schemes in our system architecture to build a data monetization framework that can accrue the value transferred across different actors to the Ruby token.
Decentralization and Data Monetization
All the encrypted data will be stored in a decentralized cloud such as IPFS. Decentralized functional encryption will be adopted to satisfy the users’ privacy needs. Ruby will also design and implement a private payment scheme tailored explicitly for the monetization of private data.